From Tradearabia.com: Dubai-based Mashreq, one the UAE's largest banks by market value, said it has taken legal action to protect its interests because of problems with Saudi clients, but that amounts involved were 'not significant.'
'We appreciate that all defaults are of concern. However, the amounts involved are not significant as evidenced by the strength and trading position of the bank as reported in our Q1 results,' John Iossifidis, Mashreq's head of international banking, said in a statement. He did not name the clients.........Full Article: Source